Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesCopyBotsEarn
Negative Outlook on US Spot Bitcoin and Ethereum Exchange Traded Funds (ETFs) Turned Positive! Here are the Details

Negative Outlook on US Spot Bitcoin and Ethereum Exchange Traded Funds (ETFs) Turned Positive! Here are the Details

BitcoinsistemiBitcoinsistemi2024/08/02 10:48
By:Utku Yanık

US spot Bitcoin ETFs saw inflows of $50 million, while Ethereum ETFs returned to positive territory.

US spot Bitcoin exchange-traded funds (ETFs) recorded a significant net inflow of $50.64 million, while spot Ethereum ETFs returned to positive flows with a net inflow of $26.75 million.

US Spot Bitcoin ETFs See $50 Million Inflows, Ethereum ETFs Return to Positive Territory

Grayscale's Bitcoin Mini Trust, which only began trading on Wednesday, led the rush with net inflows of $191.13 million, according to SoSoValue data.

BlackRock's IBIT followed suit, bringing in $25.9 million. However, these gains were partially offset by net outflows from five other US funds.

Grayscale's flagship GBTC saw the largest outflow, with $71.33 million leaving the fund. Fidelity's FBTC experienced a net outflow of $48.4 million, while Ark Invest and 21Shares' ARKB fund recorded a net outflow of $22.42 million.

Bitwise and VanEck's funds also faced outflows, while five other funds, including Valkyrie's, reported no flow changes.

Related News Founder of Bitcoin Exchange OKX Says Newly Launched Tokens Harm Users! Here are the Details

The total trading volume of 12 Bitcoin ETFs on Thursday reached approximately $2.91 billion, a significant increase from the $1.37 billion recorded on Wednesday.

There has been a total net inflow of $17.74 billion into spot Bitcoin products since January. Despite the inflows, the two largest spot Bitcoin ETFs, BlackRock's IBIT and Grayscale's GBTC, saw a nearly 3% decline in trading prices on Thursday.

Meanwhile, US spot Ethereum ETFs also reversed, recording a net inflow of $26.75 million on Thursday, following a net outflow of $77 million the previous day.

BlackRock's ETHA led inflows with $89.65 million, followed by Fidelity's Ethereum fund with $11.7 million and Bitwise's ETHW with $3.35 million.

However, Grayscale's ETHE recorded net outflows of $77.95 million on Thursday, offsetting a significant portion of those inflows.

The total trading volume of Ethereum funds reached $331.11 million, down from the $1.11 billion traded in their first day on July 23.

Movement in both Bitcoin and Ethereum ETFs indicates a dynamic and evolving market with significant investor interest despite some fluctuations in individual fund flows.

*This is not investment advice.

0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Locked for new tokens.
APR up to 10%. Always on, always get airdrop.
Lock now!

You may also like

241115: Dogecoin Surges 48% as Traders Eye $1 Milestone

Dogecoin (DOGE) surged by 48% within 24 hours, continuing a strong, four-day rally that has stirred hopes of a $1 price target. The memecoin, which briefly exceeded 41 cents for the first time since May 2021, has gained over 150% in the last week and nearly tripled over 30 days. Speculation around

Bitget Academy2024/11/15 04:29